Hong Kong influencer arrested over JPEX links amid probe: reports

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By BitcoinWiki News

Key Takeaways:

– Joseph Lam, a crypto influencer and former lawyer, has been arrested in Hong Kong in connection with cryptocurrency exchange JPEX.
– Lam’s office was raided by the Hong Kong police, who seized boxes of evidence including banknotes.
– Lam had voluntarily offered relevant information about JPEX to the police and urged affected users to report their losses.
– The investigation into JPEX was initiated after the Securities and Futures Commission warned about false statements made by crypto influencers and the trading platform regarding a virtual asset trading license in Hong Kong.
– JPEX has suspended some operations and raised withdrawal fees due to a liquidity crisis and alleged fund freezing by third-party market makers.
– The Hong Kong police have received at least 83 complaints relating to JPEX and virtual assets worth about HK$34 million.
– This information is provided for informational purposes only and does not constitute legal, tax, investment, financial, or other advice.


Summary:
Joseph Lam, a crypto influencer and former lawyer, has been arrested by Hong Kong police for his association with cryptocurrency exchange JPEX. The police raided Lam’s office and seized boxes of evidence, including banknotes. Lam had earlier offered information about JPEX to the police and urged affected users to report losses. The Securities and Futures Commission had warned about false statements made by crypto influencers and JPEX regarding a virtual asset trading license. JPEX has suspended some operations and raised withdrawal fees due to a liquidity crisis. Hong Kong police have received 83 complaints involving JPEX, with virtual assets worth about $4.3 million.

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